Updated: Oct 11
'Market like a fintech' is the new podcast for fintech marketing professionals and enthusiasts who want to stay up-to-date with the latest trends in the industry, and level up their marketing knowledge. Subscribe here to never miss an episode.
Market like a Fintech is a podcast on a mission to find out what marketing strategies and tactics the top Fintech companies in the industry use to acquire real customers, build a brand and grow revenue.
The host of the show is Araminta Robertson, a marketing consultant at Mint Studios and partner at the Fintech Marketing Hub.
In this pilot episode, Araminta spoke to Alex Latham, Co-founder and Chief Marketing Officer at Chip. Chip is the UK’s highest returning savings account. It’s an app that helps users save money automatically with AI. Every few days, Chip's algorithm calculates what you can afford to stash away based on your spending habits. It then transfers that money from your current account to your Chip account - automatically.
Chip is one of the biggest crowdfunded businesses in the UK with over 11,000 investors. They have a user base of over 300,000 active users who have saved over £150m. Last September, they raised £11m in just 3 days, making it the biggest crowdfund in Europe in 2020.
Alex was also recently recognised as one of the top 30 most influential fintech marketers of 2021 on our annual list and was just included in this year's 30 under 30 list by Forbes.
What’s Chip’s main strategy to enable viral growth, how they built a community of committed investors and what approach they’ve taken to maturing the Chip brand? To find out, listen to the show and check out the summary notes below.
From music to fintech: What does marketing a music company have in common with financial services?
Alex started his entrepreneurial journey straight after university. Along with a few other fellow students, he founded a musical social network called Melody Network, which he describes as a “complete failure”. But even though the venture wasn’t a success, it helped him realise that being an entrepreneur was the kind of thing he really wanted to do.
A few years later, at Glastonbury Festival, Alex noticed someone proudly waving a Monzo bank card around and that’s when his fintech journey began.
“I remember really vividly I was at Glastonbury Festival - it was the summer of 2016 – and someone I was with got out a Monzo card to pay with, and they were waving this card around. Like it was a flag – it was really surreal. And I remember thinking - it's so strange that someone can be showing off about who they're banking with. Like, it's something that's cool. And then it was just a realisation that was like, Oh my God, if someone's doing this, and showing off their cool bank, I think this thing fintech will be pretty huge. So, I looked into it more. And that's how I met Simon Raven, who is a co-founder at Chip and he was off the back of a startup that he just exited and looking to do fintech. And I wanted to do what that guy did, who was waving his Monzo card around…I wanted to build a fintech that people waved around too.”
So, what does marketing a music company have in common with financial services?
According to Alex, “when you're marketing musicians, you’re basically marketing a lifestyle” and modern-day fintechs are trying to do the same thing. At Chip, for example, they’re “trying to market the freedom that comes with savings and helping you save, and then other fintechs like Revolut are kind of marketing the lifestyle of being a global traveller and travelling around the world and having access to the world's f